It's been a long time coming but it looks like they're finally here. Crypto taxes in South Korea.
Took them long enough. Honestly they don't look that bad. it's better than the capital gains threat that was being thrown around for a while.
20% on gains, minimum threshold is $2k/year, filed under income tax, starting October 2021.
https://thenews.asia/korean-crypto-tax-amendment-sent-for-review/That is simply too high in my opinion, they do not seem to realize that this is not like any other business, people that are trading crypto are very sensitive to this kind of regulation and most of them will just look for another exchange in a jurisdiction that charges no taxes, while I understand the desire to get revenue from somewhere taking into account the special circumstances we are in I think this is going to be counterproductive over the long term as people will just find other platforms to exchange their bitcoin.